CALGARY, April 14, 2020 /CNW/ – Boardwalk Real Estate Investment Trust – TSX: BEI.UN
Boardwalk REIT (“Boardwalk”, “the Trust”, “We”) today provided a brief operational update as we continue to focus on our essential service of providing safe homes to Boardwalk’s Resident Members during this COVID-19 pandemic.
Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented:
“Together, our communities are adapting to this pandemic environment where we are all responsible for each other’s health, safety and well-being. Within our Boardwalk Communities, our team’s unrelenting hard work, courage, and dedication allows everyone to remain safe, while continuing to provide our Resident Members with an essential, safe, and healthy place to call home.
Boardwalk continues to provide our essential service with a focus on additional cleaning of our common areas and frequent touch points. We continue to take direction from our health authorities to implement a heightened personal hygiene practice with the use of appropriate personal protective equipment. In addition, we have found new innovative ways to deliver our essential service with the launch of a new virtual showings platform, and to further maintain physical distancing â over 50% of our Resident Members are now using our online, self-service Resident Member Portal powered by Yuhu. Our team of heroes are working tirelessly to ensure that our essential service of affordable housing is delivered in a safe manner for both our existing Resident Members and to welcome our newest Resident Members now calling our Boardwalk Community Home.
We continue to work closely with our industry peers to self-regulate and exercise care and compassion with any of our Residents who may require assistance. In addition, Boardwalk continues to collaborate with all levels of Government to ensure that housing remains both available and sustainable for all Canadians.”
Boardwalk owns and operates over 33,000 residential units in four provinces, and across our portfolio, the Trust has implemented its pandemic operational response plan. Details of this plan were highlighted in Boardwalk’s March 24, 2020 press release, and on Boardwalk’s COVID-19 informational site: www.bwalk.info
The health, safety, and well-being of our Resident Members and Associates remain our top priority; and as we continue to deliver homes to our Resident Members through this pandemic, Boardwalk is committed to ensuring transparency and information to its stakeholders.
Operational Update (Unless otherwise noted, as of April 13, 2020)
- Boardwalk has received 92% of its rental revenue due in April. Historically, by the 13th of the month, the Trust collects 95% of its rental revenue. Boardwalk is actively following-up with any of its Resident Members in arrears or in need of a payment plan.
- Boardwalk’s payment plan application, for Resident Members facing financial hardship, was made available to all its Resident Members. Less than 2% of Boardwalk’s Resident’s submitted an application for payment plan, many of which provided partial payments on the 1st of the month.
- Boardwalk’s occupancy within its stabilized portfolio at the end of March 2020 was 96.5%.
- Turnover (notices for moveout) in the month of April have decreased by approximately 33%. Boardwalk continues to serve new residents looking for a safe place to call home.
- For payments received to-date in April of 2020; 51% of payments were made through pre-authorized payment, 27% were made in-person at our community offices, and 22% were paid online through Boardwalk’s Resident Member Portal.
- In light of the current environment, Roberto Geremia extends his previously planned retirement from April 30, 2020 on a month to month basis to support our team through these extenuating circumstances.
Liquidity Update (Unless otherwise noted, as of April 13, 2020)
- Current liquidity of $260.4 million, comprised of $36.5 million of cash, $23.9 million of CMHC-insured financing to be funded in mid-April, and an undrawn $200 million line of credit.
- Boardwalk has renewed or forward locked the interest rate on its 2020 mortgage maturities through the end of May (~$105 million or 34% of total 2020 mortgage maturities) at a weighted average interest rate of 2.12% for an average term of 7 years.
- With approximately 99% of Boardwalk’s mortgage portfolio backed by CMHC Insurance, the Trust continues to execute on its 2020 mortgage program for both mortgage up-financing and renewals. Current estimated 5-year CMHC-insured mortgage rates range from 1.80% to 2.30%.
Sam Kolias; concluded:
“Thank you to our entire Boardwalk Team for their commitment to our purpose, mission, vision, values and virtues, and for providing the best product quality, service and experience to all our Resident Members, bringing you home to a happy place where love always lives.
We are only able to continue to provide our essential service of housing through the support and collaboration of our Resident Members, our Associates, our Industry, our Stakeholders, our partner Financial Institutions, CMHC and our Governments. Together we truly are all one.”
2019 Annual and ESG Report
Boardwalk has published its 2019 Annual Report which features its inaugural ESG report. A copy of this report can be found on Boardwalk’s website: www.bwalk.com/investors
The Trust has scheduled the release of its Q1, 2020 financial results for May 14, 2020. A webcast to discuss these results is scheduled for May 15, 2020 at 9:00 am Mountain / 11:00 am Eastern:
Boardwalk REIT Q1 2020 Conference Call – Webcast Link
Corporate Profile:
Boardwalk REIT strives to provide Canada’s friendliest communities and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet. Boardwalk’s principal objectives are to provide its Residents with the best quality communities and superior customer service, while providing Unitholders with enhanced returns by increasing the value of its Trust Units through selective acquisitions, dispositions, development, and effective management of its residential multi-family communities. Boardwalk REIT is vertically integrated and is Canada’s leading owner/operator of multi-family communities bringing Residents home to properties located in Alberta, Saskatchewan, Ontario, and Quebec.
Boardwalk REIT’s Trust Units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. Additional information about Boardwalk REIT can be found on the Trust’s website at www.bwalk.com/investors
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent Boardwalk REIT’s intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.
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